Produced in limited numbers from 1924 to 1936 it is one of approximately 957 manufactured. Fixed front sight and notch rear sight. Two line address on top of barrel, "SMITH & WESSON" on the left and "32 AUTO.CTG" on the right. Serrated front strap safety. Two-piece smooth walnut grips with inlaid Smith & Wesson medallions. All markings are highlighted in white.

Very fine to excellent retaining about 95% original blue finish overall. 90% plus original blue finish remains on the slide showing some high point edge wear and a few scattered handling marks. The frame retains 95% plus original blue finish thinning in a few small patches of flaking and wear on the backstrap and showing only the slightest collector type handling marks. The grips rate very fine with some small pressure marks, nicks and dings. One of the most rare Smith & Wesson's produced in excellent condition.